We here at Masters Property Management pride ourselves on the making of finding ideal, great tenants a priority to protect your properties, but in the property management world, finding a less than ideal tenant is no more common than seeing an airplane when you’re driving towards DIA. Unfortunately, this could mean that you are dealing with a constant state of late rent or delinquencies, frivolous lawsuits, even a path of destruction and a tenant leaving in the middle of the night, never to be seen, or paid by, again. Although these issues are not common for us, as our screening process is very thorough and we look after your greatest asset 24/7, if you chose to go with another property manager, you may deal with these issues. Here are some tips to get you through it – or you can hire us to do so, for you.
Tenants that have an attitude but take fantastic care of your property and pay rent on time are never an issue – it’s when they don’t pay rent or take good care of your property that they then become a problem. In this situation, they might even threaten to sue over frivolous situations. This is easily solved by knowing your lease agreement inside and out, and the laws that go along with that, on both sides of the table. Eugene O’Brien has the wealth of this knowledge, so rest easy knowing that we’ve got this side covered. Keeping your cool also goes a long way when it comes to tenants like this!
The number one most important thing to all of us is ensuring that rent gets paid. Whether we are an owner, a tenant, or a property manager, this and taking care of the property are the number one most important items on anyone’s list. If rent is late, or doesn’t get paid, we will post a 3 day notice to pay or quit, which warns of eviction in the case that rent doesn’t get paid, or the home isn’t being taken care of according to the lease. This will either encourage the tenant to straighten up their act – or make them more apprehensive. Having a property manager managing your investment property often makes tenants more accepting in situation like this, and if that’s not the case, we have the legal resources to make sure that we get what is owed from the tenant.
It really does happen, unfortunately. Bad tenants can be dishonest to the point of picking up everything and leaving in the middle of the night, sticking you with their damage and baggage, both literally and figuratively. In this case, you would need to contact law enforcement, and have the resources to take them to eviction court or send them to collections, all of which we can do right here for you. This can normally be prevented through our strenuous background checking process – another great reason to have us managing your property.
We require our tenants to have renter’s insurance, of at least 100,000 in liability. This covers the property from any damage that can be insured, and it helps protect the renter – which in turn protects the home owner. As your management company, we are able to deal with the insurance companies on your behalf!
If these tips sound like they take a lot of knowledge, resources, effort, and time, trust us, they do. And we are here and happy to help with all of them! Thank you so much for choosing our company to manage your investments, and trusting us to do the perfect job.